2328 Seminary Ave Oakland, CA 94605

This 45-unit apartment building in Oakland, CA, presents a compelling investment opportunity. The property, built in 1965, comprises 35,814 net rentable square feet across three stories on a 0.78-acre lot (33,976 sq ft). It features a mix of 30 two-bedroom/one-bath and 15 one-bedroom/one-bath units, each with a patio or balcony. Amenities include gated access, 45 off-street parking spaces, two common laundry rooms, and an elevator. The property boasts a 95% occupancy rate, generating a current NOI of $336,361 and a pro-forma NOI of $606,094, representing a 6.12% cap rate. The asking price is $5,500,000 ($153.57/sq ft), with a land value of $162.99/sq ft. The property is zoned RM-4 and benefits from its location near public transportation (AC Transit, BART), schools (Greenleaf Elementary), recreation (Rainbow Recreation Center), and retail (Seminary Point, ShopRite). An existing assumable loan with a balance of $3,485,615 and a 3.61% interest rate is available. The current stabilized rents offer a 22% upside potential, making this an add-value opportunity for investors seeking to increase rental income through unit improvements and capital enhancements. The property is offered fee simple and is suitable for a 1031 exchange.